£50,000-a-year... the price of a happy life

MONEY really can buy happiness, say most Britons – and you don’t have to win lottery millions to enjoy life.

Almost six in 10 (58 per cent) of those earning more than £50,000 a year told researchers they are satisfied with their lives.

Even at the other end of the scale almost half (43 per cent) are content even if they earn less than £15,000.

The news may come as a surprise given the global recession, job losses and pay freezes.

But in true Brit spirit, at least half of all of us are happy, according to data company Mintel.

Only about 20 per cent are not content with their lot in life.

While 43 per cent of those surveyed admitted they want more than they have, half of those on higher earnings felt they had achieved the important things they wanted to do in life.

That percentage dropped to just 31 per cent among those on lower wages.

In true Brit spirit, at least half of all of us are happy

The happiest of all Britons are the over-55s.

The least satisfied are those aged 25 to 54.

People aged 16 to 24 were the most optimistic about their finances with 74 per cent saying their money situation was healthy.

But across all age groups, only 29 per cent felt confident about finances and 18 per cent admitted being extremely worried about their bank balances and economic security.

Yorkshire came out on top as the country’s best place with nearly six in 10 being very satisfied with their lives there. But it was bad news for the capital. A decisive 52 per cent saying they were not happy in London.

Living in a rural village seems to be the key to contentment.

More than 56 per cent of country folk were pleased with their lot, compared to 47 per cent of those living in the country’s “hectic” urban sprawls. The research also showed that housing is by far our biggest expense.

As a nation we spent £326billion on mortgage payments and rent over the past year. Transport was the second biggest cost, at £157billion, while food was the third at £70billion.

Overall, UK consumers spent £993billion on goods and services.

Around 34 million people say they have suffered because of price rises on transport and their weekly food shop and more than half have switched from preferred brands to cheaper alternatives.

Toby Clark, head of finance at Mintel said: “There have always been sections of society who do better than others, but when times are tough it becomes harder to gloss over those differences.

“The UK is staging a weak recovery from the recession of 2008 to 2010. Government spending cuts, too, are playing on consumers’ minds, with seven in 10 feeling that the austerity measures will leave them worse off.

“The consumer remains under spending pressure with squeezed incomes not keeping pace with price rises in the shops.

“The path of recovery from the recession has proved somewhat bumpy for consumers whose confidence remains low. With interest rates still low and an anticipation that household outgoings will rocket as soon as interest rates start to climb, the consumer remains wary.”

Alexandra Richmond, senior consumer lifestyle analyst at Mintel added: “Against the economic backdrop people are more aware of the amount of money they don’t have. The cost of most things has risen.

“The bubble has finally burst. Many people who were once comfortable spending money they didn’t have are now not as keen to do that because of the economic uncertainty.”